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New housing firm unveiled in Lilongwe

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A newly launched property management company, Innobuild, has disclosed plans to construct houses for the lower class in Lilongwe following a seemingly mismatch of supply and demand of houses.

Innobuild Chief Executive Officer, Billy Chiwotha, said this on Friday in Lilongwe during the launch of his company which has already been operating for six months now.

He said the Lilongwe based company has already secured land in the capital city and financial resources and is hoping to build initial 60 houses in the city to be ready by the end of this year.

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“We have seen that there is a mismatch of what is the market offering and the actual demand. Investors are concentrating on building houses for the high earners while the demand of houses in Lilongwe is for middle income earners,” said Chiwotha.

He said his company will build two-bedroom houses which are on high demand but with no projects to respond to that demand.

Innobuild, according to Chiwotha, will play a significant role in the property market as it offers services like property maintenance, management, inspections among others.

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Director of Buildings in the Ministry of Transport and Public Works, Hastings Chiudzu, said the coming in of companies such as Innobuild is significant to the property market and development of the country.

“We hope that the coming in of companies such as Innobuild will help to change things in the real estate market because most of buildings in our cities and towns are in bad shape because of lack of maintenance by the proprietors,” said Chiudzu.

He hinted that plans are underway to introduce maintenance funding allocations to government ministries, departments and institutions.

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